ING Industrial Fund (IIN)

ING Industrial Fund
told investors on Friday it was focused on driving property returns and stability of earnings, after reporting a statutory loss for the first half of fiscal 2010. Net tangible asset backing was also negatively affected during the period due to a significant decline in property values. However, the group told investors that property values had largely stabilised in Australia and relevant global markets. The fund said it would continue to build strong asset management performance, restart its development pipeline and refinance and diversify its debt facility in Australia. There are no significant debt expiries for the next two years, the fund said. Last calendar year ING Industrial Fund was up 280.95 per cent, making it the best-performing stock in the benchmark S&P/ASX 200 A-REIT (Real Estate Investment Trust) index.